Do you think it is important to prepare before negotiations? Enumerate and describe briefly the preparation...

Do you think it is important to prepare before negotiations? Enumerate and describe briefly the preparation activities.

Expert Solution

It important to prepare for negotiations as by preparing we come to know their reservation price i.e. the least favorable point at which the other side would accept a deal. Thus based on this information we can bargain efficiently. The preparation activity should ideally include; assessing the other side and it will include finding out;

What is their; best alternative to a negotiated agreement (BATNA)?

Their reservation price i.e. the least favorable point at which the other side would accept a deal?

Their underlying interests?

One should try to get all these information by;

. Contacting sources within the industry?

. Checking potentially relevant business publications?

. Reviewing their annual reports (and public filings)?

. Asking questions informally of the negotiator or others within the company?

. Imagining what your interests, preferences, and needs would be if you were in their position?

Hayet Jeridi answered 1 year ago

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